Japan's Government to Take Over TEPCO

"Japan's trade minister last week approved a ¥1 trillion ($12.5 billion) capital injection to avert the collapse of the Tokyo Electric Power Co. (TEPCO). The move is effectively a nationalization of Japan's largest utility and owner of the crisis-stricken Fukushima Daiichi nuclear plant.

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But the utility forecasts it will lose only ¥100 billion this fiscal year as a result of electricity rate hikes that could increase revenues, already worth ¥6.025 trillion, by as much as 13%, Despite public pushback, TEPCO increased prices by 17% for commercial customers in April and it plans to hike residential power prices by 10% in July. The higher rates are necessary as TEPCO attempts to close, with expensive fossil fuels, the nuclear gap left by the damaged Fukushima Daiichi units and other nuclear power plants that have been shut down for inspection, the company says.